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Shanghai shares drop on weaker commodity firms
By Ding Yining |
July 2, 2010, Friday
|
Online Edition
Online Edition
SHANGHAI'S stock market closed lower in the morning session after commodity producers plunged among concerns that slowing economy may hurt raw material demand.
The benchmark Shanghai Composite Index shed 0.69 percent, or 16.48 points, to close at 2,357.31 points. Turnover was 27.1 billion yuan(US$4 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, retreated 1.96 percent to close at 913.09 points.
Metal companies dragged down the index. Yunnan Copper tumbled 3.40 percent to 16.76 yuan. Zhongjin Gold Mining Co retreated 5.77 percent to 46.23 yuan. Zijin Mining Co dropped 3.03 percent to 5.76 yuan. Yanzhou Coal Mining Co sank 3.16 percent to 15.30 yuan.
The banking sector showed mixed results. Bank of Communications edged up 0.51 percent to 5.93 yuan. Shanghai Pudong Development Bank lost 0.44 percent to 13.44 yuan. China Merchants Bank dipped 0.08 percent to 12.80 yuan. Bank of China was up 0.29 percent to 3.40 yuan.
Real estate developers were generally flat. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd dropped 1.59 percent to 16.10 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd lost 1.47 percent 10.75 yuan.
New home sales in Beijing in the first half decreased 44 percent from a year ago while those in Shanghai plunged 56 percent as government policies launched in mid-April damped buying sentiment.
Steel producers showed mixed results. Baoshan Iron & Steel, the country's largest steel maker, lost 1.03 percent to 5.74 yuan. Maanshan Iron & Steel was up 0.28 percent to 7.17 yuan. Wuhan Iron & Steel lost 0.70 percent to 4.23 yuan.
China South Locomotive & Rolling Corp said its parent group bought 2 million of its shares and plans to increase the stake by as much as 2 percent in the next 12 months. The stock advanced 3.33 percent to 4.97 yuan.
The benchmark Shanghai Composite Index shed 0.69 percent, or 16.48 points, to close at 2,357.31 points. Turnover was 27.1 billion yuan(US$4 billion).
The Shenzhen Composite Index, which tracks the smaller domestic market, retreated 1.96 percent to close at 913.09 points.
Metal companies dragged down the index. Yunnan Copper tumbled 3.40 percent to 16.76 yuan. Zhongjin Gold Mining Co retreated 5.77 percent to 46.23 yuan. Zijin Mining Co dropped 3.03 percent to 5.76 yuan. Yanzhou Coal Mining Co sank 3.16 percent to 15.30 yuan.
The banking sector showed mixed results. Bank of Communications edged up 0.51 percent to 5.93 yuan. Shanghai Pudong Development Bank lost 0.44 percent to 13.44 yuan. China Merchants Bank dipped 0.08 percent to 12.80 yuan. Bank of China was up 0.29 percent to 3.40 yuan.
Real estate developers were generally flat. Shanghai Lujiazui Finance & Trade Zone Development Co Ltd dropped 1.59 percent to 16.10 yuan. Shanghai Wai Gaoqiao Free Trade Zone Development Co Ltd lost 1.47 percent 10.75 yuan.
New home sales in Beijing in the first half decreased 44 percent from a year ago while those in Shanghai plunged 56 percent as government policies launched in mid-April damped buying sentiment.
Steel producers showed mixed results. Baoshan Iron & Steel, the country's largest steel maker, lost 1.03 percent to 5.74 yuan. Maanshan Iron & Steel was up 0.28 percent to 7.17 yuan. Wuhan Iron & Steel lost 0.70 percent to 4.23 yuan.
China South Locomotive & Rolling Corp said its parent group bought 2 million of its shares and plans to increase the stake by as much as 2 percent in the next 12 months. The stock advanced 3.33 percent to 4.97 yuan.
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